The multifamily apartment market generates a vigorous $173 billion in revenue from rental income in the U.S. according to National Apartment Association and National Multifamily Housing Council statistics for 2020. The U.S. Census Bureau reports this sector houses more than 43 million renters or 35% of all households nationwide. Such a competitive environment demands that apartment building owners provide quality housing along with truly innovative products, services, and amenities. According to Apartments.com, nearly 60% percent of respondents prefer to rent, since this provides them an opportunity to enjoy a maintenance-free lifestyle combined with convenient access to amenities.
As of 2020, there were approximately 73 million Americans aged 20 to 34 (the prime years for renting) according to data from the U.S. Census Bureau and from it’s American Community Survey (ACS) in 2020, there were approximately 42 million households in the United States headed by individuals aged 55 and older. Of those 55 and older, many are empty nesters. Today’s Empty Nesters are healthier and more active than at any time in the past and many will opt to rent, preferring simple luxury living that comes without the burdens of homeownership.
In actuality, the amenities that both groups look for in a property are quite similar. Transcending age, today’s educated renter expects a multitude of amenities including fitness centers, business centers, dog walks, pet spas, socially-active lounges and lobbies, club rooms, game rooms, bike storage, and workshop, as well as great outdoor living spaces and swimming pools…all with an atmosphere that equals the quality of a fine hotel. So the idea is not to necessarily target a specific age group but to design for people of different generations with common interests.
Millennials, Generation Y, Generation-Xers and Empty Nesters alike have demonstrated that they prefer hanging out in groups and like to participate in social activities frequently. Yet people also want to feel comfortable spending time alone in public areas. Whether indoors or out, defined intimate spaces provide cozy areas for groups as well as for the resident who is solitary yet prefers a social setting. Regardless of age, amenities with options for both singles and groups create socially-active spaces that provide a sense of home and community.
The Avant at Reston Town Center, a project HDG completed a few years ago, demonstrated that a mixed-generational design approach is successful.
“The vision for the Avant, architecturally and operationally, was developed with a multi-demographic focus,” Rich Ellis from Boston Properties said. “Market studies and the Company’s experience in the Town Center told us that the project would attract a wide range of prospects, from young professionals to empty nesters to divorcees to corporate users seeking a home 5 nights a week. The goal was to create a community and building that made each of these groups feel comfortable while also tapping into their shared interests.”
Hartman Design is currently working on another multi-generational multifamily community, One University. In addition to an affordable senior independent living community, the complex has a market-rate family building and a student housing building (which HDG did not work on) as well.
Realizing that the mixed-generational trend in housing will continue into the future, at HDG, our design approach for residential buildings is creative, holistic and practical. Considering the needs of various age groups is important, yet finding the common thread allows for design that will bring generations together.
At Hartman Design Group, we take pride in delivering exceptional multifamily interior design solutions. Contact us today to learn how we can elevate your next project to new heights.